Dharavi Slum
A shanty in Asia's largest slum in Mumbai costs Rs10 million
Dubai developer had set up a JV in 2007 to bid for redevelopment of Dharavi
By
* Parag Deulgaonkar
Published Thursday, July 11, 2013
A 450-square feet shanty in Dharavi, Mumbai, one of Asia’s largest slums, has been put for sale for Rs10 million (Dh625,000) or Rs22,222 per square feet.
The property has been listed on magicbricks.com with the real estate agent revealing that the shanty is furnished and has a toilet.
However, the listing price seems to be too pretentious as 200 square feet shanties, listed by owners, on the site are for Rs2.5 million.
Prices of shanties that either have a tin or wooden roof have doubled in the last two years.
In contrast, rates have fallen in Lower Parel during the same period, and developers like Lodha and Indiabulls Real Estate selling high-end projects, offering discounts of 10 to 15 per cent, with offers such as 20:80 financing scheme.
For Dh625,000, in Dubai one can buy a studio apartment in a prime location, or a decent one-bedroom unit in affordable communities such as Discovery Gardens, Dubai Silicon Oasis or Dubailand.
Dharavi has a central location in Mumbai and is quite famous for its recycling, garment manufacturing, leather manufacturing and food processing industries.
In 2007, Limitless, then the subsidiary of Dubai World, had has tied-up with an Indian company to bid for the redevelopment of Asia's largest slum, Dharavi. However, the company never progressed with its plan.
Syed Kausar Vazir, a real estate agent based in Mahim, told Economic Times that he receives around 10-12 enquiries from buyers for properties in Dharavi every day.
"Around 50 per cent of these enquiries translate into deals and are finalised.”
Another broker, Moosa Sayad, who owns Aman Estate Agency on the 90-ft road near the slum, says he gets around 15 enquiries daily.
"The deals may not happen the same day, they take time, but there's certainly
Dubai developer had set up a JV in 2007 to bid for redevelopment of Dharavi
By
* Parag Deulgaonkar
Published Thursday, July 11, 2013
A 450-square feet shanty in Dharavi, Mumbai, one of Asia’s largest slums, has been put for sale for Rs10 million (Dh625,000) or Rs22,222 per square feet.
The property has been listed on magicbricks.com with the real estate agent revealing that the shanty is furnished and has a toilet.
However, the listing price seems to be too pretentious as 200 square feet shanties, listed by owners, on the site are for Rs2.5 million.
Prices of shanties that either have a tin or wooden roof have doubled in the last two years.
In contrast, rates have fallen in Lower Parel during the same period, and developers like Lodha and Indiabulls Real Estate selling high-end projects, offering discounts of 10 to 15 per cent, with offers such as 20:80 financing scheme.
For Dh625,000, in Dubai one can buy a studio apartment in a prime location, or a decent one-bedroom unit in affordable communities such as Discovery Gardens, Dubai Silicon Oasis or Dubailand.
Dharavi has a central location in Mumbai and is quite famous for its recycling, garment manufacturing, leather manufacturing and food processing industries.
In 2007, Limitless, then the subsidiary of Dubai World, had has tied-up with an Indian company to bid for the redevelopment of Asia's largest slum, Dharavi. However, the company never progressed with its plan.
Syed Kausar Vazir, a real estate agent based in Mahim, told Economic Times that he receives around 10-12 enquiries from buyers for properties in Dharavi every day.
"Around 50 per cent of these enquiries translate into deals and are finalised.”
Another broker, Moosa Sayad, who owns Aman Estate Agency on the 90-ft road near the slum, says he gets around 15 enquiries daily.
"The deals may not happen the same day, they take time, but there's certainly